EXHIBIT 8.1


                   EXHIBIT 8.1-AMBEV'S MATERIAL SUBSIDIARIES

     AmBev's operations are conducted principally by CBB and, in the case of
its international operations, by direct and indirect subsidiaries of CBB. The
following is a list of the significant companies that AmBev controlled, either
directly or indirectly, as of December 31, 2003:

     o  Companhia Brasileira de Bebidas (CBB) (incorporated in Brazil). CBB is
        our principal operating subsidiary that engages in the production,
        distribution and marketing of beverages. AmBev controls 100% of the
        voting and 99.99% of the total equity of this entity.

     o  Eagle Distribuidora de Bebidas S.A. (incorporated in Brazil). AmBev
        controls, directly or indirectly, 100% of the voting and total equity
        of this entity.

     o  Jalua Spain S.L. (incorporated in Spain). AmBev controls, directly or
        indirectly, 100% of the voting and total equity of this entity.

     o  Arosuco Aromas e Sucos S.A. (Arosuco) (incorporated in Brazil).
        Arosuco produces concentrates for our soft drinks and crowns. AmBev
        controls, directly or indirectly, 100% of the voting and total equity
        of this entity.

     o  CA Cervecera Nacional (CACN) (incorporated in Venezuela). CACN
        produces and distributes beer in Venezuela. AmBev controls,
        indirectly, 50.2% of the voting and total equity of this entity.

     o  Cervecer{i'}a y Malter{i'}a Paysandu (Cympay) (incorporated in
        Uruguay). Cympay produces malt in Uruguay. AmBev controls indirectly,
        97.228% of the voting and total equity of this entity.

     o  AmBev Peru (incorporated in Peru). AmBev Peru produces and distributes
        carbonated soft drinks in Peru. AmBev controls indirectly 100% of the
        voting and total equity of this entity.

     o  Ind{u'}stria del Atl{a'}ntico (IDA) (incorporated in Guatemala). IDA
        produces beer in Guatemala. AmBev controls indirectly 50% plus 1 share
        of the voting and total equity of this entity.

     o  Cerveceria Suramericana (incorporated in Ecuador). Cerveceria
        Suramericana produces and distributes beer in Ecuador. AmBev controls
        indirectly 80% of the voting and total equity of this entity.

     o  Embotelladora Dominicana CXA (Embodom) (incorporated in the Dominican
        Republic). Embodom currently produces and distributes carbonated soft
        drinks in the Dominican Republic. AmBev controls indirectly 51% of the
        voting and total equity of this entity.

     o  Malter{i'}a Pampa S.A. and Malter{i'}a Uruguay S.A. (incorporated in
        Argentina and Uruguay, respectively). Malter{i'}a Pampa is a producer
        of malt in Argentina. Malter{i'}a


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        Pampa owns Malter{i'}a Uruguay S.A., an Uruguayan malt-producing
        company. AmBev controls, indirectly, 100% of the voting and total
        equity of this entity.

     o  Monthiers S.A. (incorporated in Uruguay). AmBev controls indirectly
        100% of the voting and total equity of this entity.

     o  Agrega S.A. (incorporated in Brazil). Agrega is a 50%-50% joint
        venture between AmBev and Souza Cruz to manage the purchase of
        services and indirect materials.

     o  Aspen Equities Corp; Brahmaco International Limited; Universal Brewery
        Limited-UBL; Lambic Holding SA; Lambic Chile SA; NCAQ SA; Hohneck
        Argentina SA; Hohneck Chile SA; Dunvegan SA; Cervejarias Reunidas Skol
        Cararu SA; CRBS SA; Pepsi Cola Engarrafadora Ltda; Dahlen SA;
        Antarctica Empreendimentos e Participa{c,}{o~}es SA-ANEP; Industria de
        Bebidas Antarctida do Sudeste SA; Distribuidora de Bebidas do Amazonas
        Ltda-Disbam; Fratelli Vita Ltda and Fazenda do Po{c,}o SA; are
        subsidiaries directly or indirectly controlled by AmBev, and are
        holding companies or have small operations in Brazil and abroad.